Valley National Advisers Inc. Decreases Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Posted by Defense World Staff on Mar 22nd, 2023

Valley National Advisers Inc. reduced its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH – Get Rating) by 30.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 533 shares of the information technology service provider’s stock after selling 238 shares during the period. Valley National Advisers Inc.’s holdings in Cognizant Technology Solutions were worth $32,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of CTSH. Dark Forest Capital Management LP purchased a new position in Cognizant Technology Solutions in the 2nd quarter worth approximately $26,000. Neo Ivy Capital Management increased its stake in shares of Cognizant Technology Solutions by 75.6% during the third quarter. Neo Ivy Capital Management now owns 504 shares of the information technology service provider’s stock valued at $29,000 after buying an additional 217 shares during the period. Hexagon Capital Partners LLC increased its stake in shares of Cognizant Technology Solutions by 492.9% during the third quarter. Hexagon Capital Partners LLC now owns 587 shares of the information technology service provider’s stock valued at $34,000 after buying an additional 488 shares during the period. Zions Bancorporation N.A. increased its stake in shares of Cognizant Technology Solutions by 55.2% during the third quarter. Zions Bancorporation N.A. now owns 731 shares of the information technology service provider’s stock valued at $42,000 after buying an additional 260 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its stake in shares of Cognizant Technology Solutions by 263.3% during the third quarter. Massmutual Trust Co. FSB ADV now owns 781 shares of the information technology service provider’s stock valued at $45,000 after buying an additional 566 shares during the period. 90.12% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CTSH has been the topic of several research analyst reports. StockNews.com initiated coverage on Cognizant Technology Solutions in a research note on Thursday, March 16th. They set a “buy” rating on the stock. Susquehanna reduced their target price on Cognizant Technology Solutions from $93.00 to $91.00 and set a “positive” rating on the stock in a research note on Friday, February 3rd. Deutsche Bank Aktiengesellschaft boosted their target price on Cognizant Technology Solutions from $54.00 to $67.00 in a research note on Friday, February 3rd. UBS Group lifted their price target on Cognizant Technology Solutions from $62.00 to $68.00 in a research report on Sunday, January 15th. Finally, Barclays lifted their price target on Cognizant Technology Solutions from $45.00 to $53.00 and gave the company an “underweight” rating in a research report on Monday, February 6th. Five investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Cognizant Technology Solutions has an average rating of “Hold” and a consensus price target of $69.90.

Cognizant Technology Solutions Trading Up 0.8 %

Shares of NASDAQ:CTSH opened at $59.18 on Wednesday. The company has a market cap of $30.14 billion, a P/E ratio of 13.39, a PEG ratio of 1.18 and a beta of 1.10. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.17 and a quick ratio of 2.17. Cognizant Technology Solutions Co. has a 1 year low of $51.33 and a 1 year high of $93.47. The stock’s fifty day moving average price is $63.68 and its 200-day moving average price is $60.82.

Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) last announced its quarterly earnings results on Thursday, February 2nd. The information technology service provider reported $1.01 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.01. The firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.78 billion. Cognizant Technology Solutions had a return on equity of 18.92% and a net margin of 11.79%. The company’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.10 earnings per share. Sell-side analysts expect that Cognizant Technology Solutions Co. will post 4.46 earnings per share for the current year.

Cognizant Technology Solutions Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Friday, February 17th were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend was Thursday, February 16th. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.27. Cognizant Technology Solutions’s dividend payout ratio is 26.24%.

Cognizant Technology Solutions Company Profile

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Cognizant Technology Solutions Corp. engages in the provision of information technology, consulting, and business process outsourcing services. It operates through the following business segments: Financial Services, Healthcare, Products and Resources, and Communications, Media, and Technology. The Financial Services segment consists of banking and insurance services.